The tax ________ is the measure or value upon which a government levies a tax.
A. base
B. rate
C. incidence
D. structure
Answer: A
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
A production possibilities frontier shows
A) the various combinations of output a nation can produce a certain time, given its available resources and technology. B) the limits to future growth of a nation. C) how money can be allocated among two kinds of goods. D) that if price of one good decreases, the price of the other has to increase. E) that it is impossible to produce inefficiently.
Refer to Figure 5-13. The efficient equilibrium price of gasoline is ________ per gallon
A) $3.00 B) $3.75 C) $4.25 D) $5.00
Which of the following is true of disposable income? a. It excludes transfer payments
b. It is the portion of income that is used solely for consumption. c. It is that part of total earned income that is paid to the government in the form of taxes. d. It is the difference between income and saving. e. It equals consumption expenditures plus saving.